(Answered) A single person with a monthly taxable income of 2800 in

Finance

A single person with a monthly taxable income of $2800 in the 15% federal marginal bracket, has a state tax rate of 7.95% and social security taxes at 6.2%. This person forgoes consumption and instead places $230 into a tax sheltered retirement plan every month. What are the yearly tax savings due to these retirement contributions?

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